Singapore-based small and medium enterprises (SMEs) have put off their global expansion plans due to the continuing uncertainty resulting from the Covid-19 pandemic. Revealing this, the latest edition of the QBE’s annual SME survey, which polled over 400 decision-makers from Singaporean SMEs, stated that the nation’s SMEs are still feeling the pinch of the pandemic. According to the respondents, the top hindrances to internationalization were travel restrictions due to the pandemic, lack of knowledge of overseas markets, and insufficient funds for expansion. Most SMEs are now adopting a more conservative business mindset, with 50% of SMEs having overseas presence planning to downsize within the next two years.
